London, 16 March 1895

Dear Victor,

Herewith the information you asked for without delay. Sombart’s article is quite good, only his conception of the law of value suffers from a certain disappointment over the solution of the question of the rate of profit. He had obviously counted on a miracle and instead finds the simply rational, which is anything but miraculous. Hence his reduction of the significance of the law of value to the enforcement of the productive power of labour as the decisive economic force. That is far too general and vague. – The little article by Conrad Schmidt in the »Sozialpolitisches Centralblatt« is very good. E. Bernstein’s articles were very confused; the man is still neurasthenic and, on top of that, dreadfully overworked, has too many irons in the fire, left the matter aside and was then suddenly kicked by K. K[autsky] about the article.

Since you intend to swot up
»Capital«
II and III in the clink, I shall give you a few hints by way of making it easier.

Book II. Section 1. Read Chapter 1 thoroughly, then you can take Chapter 2 and Chapter 3 more lightly; Chapter 4, again as a summary, more carefully; 5 and 6 are easy, and especially 6 deals with secondary matters.

Section II. Chapters 7–9 are important. Especially important are 10 and 11. Likewise 12, 13, 14. On the other hand, 15, 16, 17 only for cursory reading at first.

Section III. Is a quite outstanding presentation of the total circulation of commodities and money in capitalist society, treated here for the first time since the Physiocrats – outstanding as regards content, but terribly ponderous in form, because 1. it is patched together from two elaborations which proceed according to two different methods, and 2. because elaboration No. 2 was forcibly brought to an end in a state of illness in which the brain suffered from chronic insomnia. I would keep this back until the very last, after a first working-through of Book III. For your work it is also the most dispensable to begin with.

Then the third book. Here the important points: In Section I, Chapters 1–4, while for the general interconnection they are less important, so not much time should be devoted to them at first. Chapters 5, 6, 7. Section II. Very important Chapters 8, 9, 10. 11 and 12 to be treated cursorily. Section III. Very important, the whole lot, 13–15. Section IV. Likewise very important, but also easy to read, 16 to 20. Section V. Very important Chapters 21–27. Less so Chapter 28. Important Chapter 29. On the whole unimportant for your purposes Chapters 30–32; important as soon as paper money, etc., is involved, 33 and 34; on international rates of exchange, important 35, very interesting for you and easy to read 36. Section VI. Ground-rent. 37 and 38 important. Less so, but still to be taken along, 39 and 40. More to be neglected, 41–43 (Differential Rent II, special cases). 44–47 again important and for the most part also easy to read. Section VII very fine, unfortunately a torso and besides that also carrying strong traces of insomnia.

Now, if you go through the main part thoroughly and the less important things at first superficially according to this plan (best of all, to read the main things from Vol. I once again beforehand), you will gain an overview of the whole and afterwards the neglected passages will also be more easily worked up.

Your news about the paper gave us great pleasure. The political effect is the main thing; the financial one will follow of itself and will be greatly eased and accelerated as soon as the former is secure. I note with delight your hand in the suffrage reform notes on the front page – there lies the fulcrum [the basis] for the decisive effect.

I am a bit lame again on account of the old business, which periodically, especially in spring, plagues me somewhat, but it’s less than before and easier; in about 14 days, I think, it will be over without my needing sea air as in ’93 and ’94.

The movement here can be summed up thus: among the masses instinctive progress takes its course, the tendency is maintained; but as soon as it comes to giving conscious expression to this instinct and this driven tendency, it is done by the sect leaders in such a stupid and narrow-minded way that one could box their ears left and right. But this is, after all, the proper Anglo-Saxon method.

Many greetings.

Yours,

F. E.